TORONTO, ONTARIO, May 14, 2010 (Marketwire) -- Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the first quarter ended March 31, 2010 (the "Financial Statements") together with Management's Discussion and Analysis.
First quarter 2010 highlights:
-- US$196 million (equivalent) in cash and cash equivalents held on deposit
with major banks as at March 31, 2010
-- MV Fugro Solstice demobilised in January 2010 following a successful
-- Reactivation of Soil Machine Dynamics ("SMD") contract
-- Short listed three potential vessels for Solwara 1 operations
-- Recruitment of key project personnel is now underway
-- Selection of a suitable deephole capable drilling unit and vessel to
support 2010 drilling activities is in the final stages.
Other Solwara 1 related contracts under suspension have not yet been reactivated. The full project equipment build will not recommence until a strategic partner has been secured.
Stephen Rogers, Nautilus' CEO commented: "With the completion of the exploration program in January, considerable effort is now focused on the evaluation of results and the development of execution plans for drilling later this year. Engineering and planning continue on the Solwara 1 Project as we progress discussions with potential partners."
The Financial Statements and Management's Discussion and Analysis have been filed on www.sedar.com and are also available on the Company's website www.nautilusminerals.com/s/Investors-Financials.asp.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first project. The Company's main focus is the Solwara 1 Project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies Anglo American (11.1%), Teck Resources (6.8%) and Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21.0% of its shares through Gazmetall Holding (Cyprus) Limited.
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